6-Unit Apartment
For Sale
$1,574,888
2353 81st St, Brooklyn, NY 11214
Six residential units combine ongoing rental income with potential for an owner-occupant arrangement.
Property Size5,670 SF
Days on Market62
Property Features for 2353 81st St
General Information
Standard status
Active
Size
5,670 SF
Property subtype
Multi Family
Units
Unit Mix
6 x 2BR/1BA
Multifamily Units
6
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$21,118
Building Details
Building Size
5,670 SF
Year Built
1923
Buildings
1
Stories
3
Listing Agency:
RE/MAX Elite
(718) 690-3900
Listed By:
Anthony Parascandolo · License #10401327454
(718) 690-3900
Source:
Elliman
Added: Jul 1
Changed: Aug 30
Last Checked: Aug 30 at 5:25PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of RE/MAX Elite
Investment Insights
Based on property information with market context.
This six-family apartment property contains six two-bedroom, one-bath residences. One apartment is vacant, while the remaining units provide an existing rental-income component. Building updates were completed in 2014, with further improvements made afterward, and the property dates to 1923.
Located at 2353 81st St in Brooklyn, the property is in Bensonhurst and offers access to neighborhood shopping, restaurants, parks, schools, and public transportation. Walk Score is 96, Transit Score is 84, and Bike Score is 56, giving residents several ways to navigate the surrounding area. The available apartment may support an owner-occupancy strategy, while the six-unit configuration also serves conventional multifamily ownership.
Located at 2353 81st St in Brooklyn, the property is in Bensonhurst and offers access to neighborhood shopping, restaurants, parks, schools, and public transportation. Walk Score is 96, Transit Score is 84, and Bike Score is 56, giving residents several ways to navigate the surrounding area. The available apartment may support an owner-occupancy strategy, while the six-unit configuration also serves conventional multifamily ownership.
Key Highlights
- Six‑family building with six 2‑bedroom, 1‑bath apartments
- One apartment is currently vacant
- Building updates completed in 2014, with additional improvements afterward
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$138,600
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.80%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,772,000
$2.8M
Cap Rate 7%
$1,980,000
$2.0M
Cap Rate 9%
$1,540,000
$1.5M
Market Conditions
NOI Build-Up for 5,670 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$262.0K $46.20/SF
− Vacancy
−$10.0K −$1.76/SF
EGI
$252.0K $44.44/SF
− OpEx
−$113.4K −$20.00/SF
NOI
$138.6K $24.44/SF
Area
ZIP 11214
Vacancy
3.80%
Lease Rate
$46.20 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,772,000
Cap Rate 7%
$1,980,000
Cap Rate 9%
$1,540,000
Alternative Uses
Best Use
Apartment 5plus
$1.98M
$1.73M – $2.31M
NOI $138,600 @ 7.0% cap · market cap 8.80%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.31M
$2.89M – $3.86M
NOI $231,532 @ 7.0% cap · market cap 14.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
4,051
Businesses Nearby
Explore this area
Business Placement
Demographics for 11214, NY
96,560
Population
33,341
Households
2.9
Avg Household Size
39
Median Age
32%
College-Educated
76%
High-School Grad
2.0 sq mi
ZIP Area
48,280
Density / Sq Mi
$64,286
Median Household Income
$41,172
Median Earnings
$1,710
Median Rent
$1,007,400
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Six residential units combine ongoing rental income with potential for an owner-occupant arrangement.
Where is this apartment building located?
The property is located at 2353 81st St Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,574,888.
What are key features of this property?
This property features: Six‑family building with six 2‑bedroom, 1‑bath apartments; One apartment is currently vacant; Building updates completed in 2014, with additional improvements afterward
